MARKET TRENDS
- Vacancy jumped 210 basis points (bps) year over year to 7.1% from 5.0% as demand has not kept pace with new deliveries hitting the market.
- Concurrent with vacancy increasing, Tampa Bay’s net absorption dropped 75.0% year over year, from 2.6 million square feet (msf) to 0.6 msf in the second quarter.
- Tampa Bay has 8.2 million square feet (msf) of construction underway with the majority of that along the I-4 corridor through the East Tampa submarket.